Bulk of EU energy efficiency funds misused, says auditor

The cost of increased energy consumption, the depletion of fossil fuel reserves and the effect of human activities on global climate change are drivers of recent energy efficiency policies. Since 2000, the European Union, through its Cohesion Policy funds, spent almost €5 billion for co-financing energy efficiency measures in the Member States. The European Commission and the Member States are both responsible for the sound financial management of these funds.

The European Court of Auditors has assessed whether cohesion Policy investments in energy efficiency were cost-effective.

The cost of increased energy consumption, the depletion of fossil fuel reserves and the effect of human activities on global climate change are drivers of recent energy efficiency policies. Since 2000, the European Union, through its Cohesion Policy funds, spent almost €5 billion for co-financing energy efficiency measures in the Member States. The European Commission and the Member States are both responsible for the sound financial management of these funds.

European Court of Auditors: Special Report, No.21, 2012: Cost-effectiveness of Cohesion Policy Investments in Energy Efficiency http://eca.europa.eu/portal/pls/portal/docs/1/19610748.PDF

ECA: Press Release, ECO/12/55: EU Energy Efficiency: investment targets not achieved; average pay back period exceeds 50 years (in extreme cases 150 years) http://eca.europa.eu/portal/pls/portal/docs/1/19614746.PDF

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